Midwest is ✨Golden✨ at the Olympics! 🏅

⏰ Midwest Minute 

From the heartland to the podium, the Midwest is proving it’s more than just flyover country—it’s a goldmine of Olympic talent! Historically speaking, the Midwest has always produced a wealth of Olympic talent, like Iowa’s Lolo Jones (2008, 2012) or Missouri’s Ray Armstead (1984), and this year in Paris is no exception. With notable athletes like Cole Hocker from Indianapolis, who clinched the 1500m gold in the last 300m of the race; Sarah Bacon, also from Indianapolis, secured the silver in diving alongside her partner Kassidy Cook; Suni Lee from St. Paul, MN, added a bronze to her impressive collection in the individual high bars—these Midwesterners (and many more!) have certainly left their mark on the global stage. It's clear that the Midwest continues to be a powerhouse, contributing significantly to Team USA’s 95-medal haul (and counting) with 27 golds. Swimming has become one of the most popular Olympic sports, and Carmel, IN has taken full advantage—renaming themselves “Swim City, USA” in honor of this year’s games. Kristen Faulkner—while she’s not from the Midwest—traded her venture capital career for a golden victory in the women’s road race, the first USA win in the event in 40 years. She also followed that with a gold in the Women’s Cycling Team Pursuit two days later (along with some help from some Midwestern team members), after 12 years of only silver and bronze medals for the country in the event.

Beyond the medals and memorable performances, the influence of sports technology on these achievements cannot be understated. Innovations in training equipment, performance analytics and recovery tools have propelled athletes to new heights. AI and tech innovations have certainly been a game changer this year in Paris. Overall, the Olympic Games are cost Paris $8.2B, with $3.2B of that dedicated to the infrastructure. As the games draw to a close this weekend, with the Paralympics set to start August 28, the spirit of competition and technological advancement continues to drive these athletes forward. And of course the Midwest will continue to be a part of that conversation. Between Sports Tech HQ, which launched out of Indianapolis in 2022, and the latest Techstars Sports Accelerator, the region is paving the way for tech innovation in the industry. The Midwest's contribution of 170 athletes and an additional 35 athletes from across the state of Pennsylvania on team USA, a remarkable figure even compared to California’s 145, underscores the region's pivotal role in shaping Olympic history. As we celebrate these triumphs, it’s worth noting that the heartland of America is not just competing–it's leading the charge, both on and off the field.

Racing our way into the latest funding announcements! 🏃 Minneapolis-based SPS Commerce announced their latest acqusition. St. Paul’s Spineology raised a $25M round and JustiFi announced a $10M round. Chicago is adding a new VC to its ranks: Velocity Catalyst. More of the latest news down below.

Have any insights into the Midwest ecosystem or a funding announcement to share? Want to share your favorite Midwestern Olympian of all time? Send us an email: [email protected] 

📰 Notable News

Exits

• Minneapolis-based SPS Commerce acquired SupplyPike for $206M

• Milwaukee-based HPS/PayMedix acquired TempoPay for an undisclosed amount

Startup Funding

• Spineology - $25M round led by SV Health Investors | St. Paul

• JustiFi - $10M round co-led by Rally Ventures, Emergence Capital, and Crosslink Capital | St. Paul

• Renaissant - $5M Series A led by TitleTown Tech | Milwaukee

• When - $4.6M Seed led by B Capital Group | Chicago

• FranShares - $4.1M Seed led by Chicago Ventures | Chicago

• GeoH - $3M Seed+ led by Boomerang Ventures | Indianapolis

• HubiFi - $2.5M Seed co-led by Motivate Ventures, Anthemis and Rev1 Ventures | Columbus

• VirtualZ Computing - $2.1M round | Minneapolis

• Edison Agrosciences - $600K Seed from investors like BioGenerator | St. Louis

VC Funds

• Velocity Catalyst - Raising a $50M FI | Chicago

Other News

• Indiana as the Silicon Valley of the Midwest? How key players across the state aim to make it happen

• Even after $1.6B in VC money, the lab-grown meat industry is facing ‘massive’ issues

• From golf to hunting, a new crop of startups want to make these experiences even better

• Adtech Startup Funding Has Collapsed

• From Skims to Stripe, here are the startups that are likely — or definitely — not having IPOs this year

• Duality Quantum Accelerator Welcomes 5 Startups into Fourth Cohort

📆 Mark your Calendar

Need to fill your social calendar? We’ve scoured newsletters, scanned LinkedIn and found some of the latest tech + startup events in the region. Know of any upcoming events and want to share them? Send us an email: [email protected]